Five Unbelievable Cases of Bank Frauds

Bank Frauds


In this global village, the world is progressing rapidly. Gone are the days when people show up with guns wearing masks, and Bank Frauds. The rapid progress in technology is changing now. People robe the organization through programming hacking. Hackers use Social engineering techniques to hack the system.

In most cases, you need access to someone working inside or someone who knows everything about the Bank Frauds . Like transaction timings, level of security, OTP SMS service, and details about the system that makes the bank base. Keep reading to discover everything from planning to hacking the system, attacks, and OTP SMS service.

Dunbar armor: Inspector’s conspiracy

This heist is one of the highest in US history, worth 19 million dollars. The man behind this robbery is the inspector for security and safety who works Dunbar Allen pace. Making this successful robbery inspector only needs five boys. So the inspector recruited his five childhood friends to make this happen.

He planned to surprise attack the guards at the stock cash drop vault on the night of Friday in 1997. After taking a considerable amount of money, they ran away in another vehicle. One of them was unorganized and was arrested. He confessed that they were able to recover only some of the money.

Brink’s mat robbery

In November of 1983, the bank facility of the company was the prey of a robbery. It was the heist of 30 million dollars. This robbery happened at Heathrow airport in the United Kingdom. The theft of 30 million dollars includes gold, diamonds, and cash in dollars.

In this robbery, an inside man, the security guard named Anthony Black, was involved and helped the thieves in pulling off the heist. The basic plan of the robbers was to take 300 million pounds of cash. Their mind went woozy when they found three tons of gold and diamonds. Most of the convicts are facing trials till today, but the gold is recoverable.

Northern bank heist

This heist took place in 2004. The worth of this heist is 50 million dollars. Few days before Christmas, robbers made their way into two of the branch managers’ homes and identified themselves as officials. The thieves hostage families and managers.

The officials of security agencies went in and cleaned it up. Fortunately, they were able to release families without any harm in exchange for 50 million dollars. The UK government blamed the republican Irish army, but they denied it and said, “we have no involvement in this.” This case remains unsolved yet.

Banko central heist.

This heist was worth nearly 70 million dollars. This robbery happened in 2005, and thieves rented property near the bank and identified themselves as landscapers. The robbers dug a 256-foot long tunnel that connects to the bank vault. The tunnel consists of wood-paneled walls and lights.

Due to a lot of money present in the bank, the Bank Frauds could not notice it, and after three days, bank authorities were surprised. The thieves ran away as the bank could not see it first. The police tried hard and arrested 40 people, and a mastermind behind this heist was also arrested. Sadly only 8 million dollars were recovered.

Scam 1992

Harshad Shanti Lal Mehta was an Indian stockbroker. He is famous for the share market scam that happened in 1992. Harshad Mehta worked hard and was passionate about the stock exchange market. In 1984 Harshad Mehta joined the Bombay stock exchange as a broker.  Over ten years, Harshad Mehta was the most influential person in the business circle of the Indian market.

The scam of Harshad Mehta was the biggest scam of 1992, and this scam exposed loopholes in the Indian banking system. The banks in India were selling securities, and Harshad as a broker was finding a bank that can buy securities. Harshad approached the bank and told them that he would give the bank protection, and the bank has to issue a check in Harshad’s name.

According to the Reserve bank of India, lending has to issue a check on the name of the borrowing bank. It is prohibited in RBI’s guidelines to give a review on the name of the broker. Harshad bought shares aggressively from bank money and increased shares too much, and sold at a high price.

He kept the profit with himself and gave the actual amount to the lending bank after some time. Where he started giving fake receipts to the bank to buy securities and invest in the stock market and sell shares when the price was high. He earned billions of rupees from counterfeit tickets.

Also Read: Why choose quick-cash loans?
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